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	Statutes of Northern Ireland
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FINANCE ACT (NORTHERN IRELAND) 1962

FINANCE ACT (NORTHERN IRELAND) 1962 - LONG TITLE

An Act to amend the law relating to estate duty, stamp duties,
excise duties on mechanically-propelled vehicles and certain other
excise duties and licences, and to make further provision in
connection with finance.
[20th December 1962]
Part I (ss.1,2)Estate Duty

Unit trusts.

FINANCE ACT (NORTHERN IRELAND) 1962 - SECT 3

3. Subs.(1) amends sch.1 to 1891 c.39

(2) Duty under section 24(2) of the Finance (No. 2) Act (Northern
Ireland) 1946 in respect of property which after the passing of
this Act becomes trust property represented by units under a unit
trust scheme shall be chargeable by reference to the heading "Unit
trust instrument" in Schedule 1 to the Stamp Act 1891, but so that

(a)if after the passing of this Act units under the scheme are
extinguished, the amount or value of property thereupon transferred
by the trustees to the managers under the scheme, or to the person
entitled to any extinguished unit, shall be treated as a credit to
be deducted (in so far as it has not previously been deducted
under this paragraph in relation to any property) from the amount
or value of property which subsequently becomes trust property
represented by units under the scheme; and

(b)the requirements of the said section 24(2) shall not apply in
relation to property the amount or value of which is treated as
reduced to nil by one or more such deductions, and duty under the
said section 24(2) shall be chargeable in respect of any other
property which is subject to such deductions by reference to the
amount or value as reduced.

(3) Where the amount or value of any property is treated as
reduced to nil by one or more deductions under subsection (2), the
trustees shall, before the end of the period within which a
statement is next required to be furnished to the Ministry of
Finance under the said section 24(2) in relation to the scheme, or
before such later date as the Ministry may allow, furnish to the
Ministry a statement of the property and of the transfers giving
rise to the deductions; and where the amount or value of any
property is otherwise treated as reduced by one or more such
deductions, the trustees shall, before the end of the period within
which a statement of that property is required to be furnished to
the Ministry under the said section 24(2), or before such later
date as the Ministry may allow, furnish to the Ministry a statement
of the transfers giving rise to the deductions.

(4) If the trustees under a unit trust scheme fail to comply with
the requirements of subsection (3) in relation to any property,
subsection (3) of section 24 of the Finance (No. 2) Act (Northern
Ireland) 1946 (which enables unpaid duty with interest to be
recovered from the trustees) shall apply as if the trustees had
failed to comply with the requirements of subsection (2) of that
section and as if no deduction had fallen to be made from the
amount or value of the property.

(5) Section 28(1) of the Finance (No. 2) Act (Northern Ireland)
1946 shall apply for the interpretation of expressions used in
subsections (2) to (4) as it applies for the interpretation of
expressions used in Part III of that Act, but so that references
in subsection (2) to trust property represented by units shall not
be taken to include property within the proviso to section 24(2) of
that Act (which excludes property derived from other trust property
from the operation of the said section 24(2)).

S.4 rep. by 1970 c.21 (NI) s.19 sch.3 Pt.II

FINANCE ACT (NORTHERN IRELAND) 1962 - SECT 5
Exemption of certain instruments made under the Transport Act 1962.

5. Stamp duty shall not be chargeable on any instrument which is
certified to the Ministry of Finance by the British Transport
Commission or any of the Boards mentioned in section 1(1) of the
Transport Act 1962 as having been made or executed in pursuance of
paragraph 1 of Schedule 6 to that Act, so, however, that no such
instrument shall be deemed to be duly stamped unless either it is
stamped with the duty to which it would, but for this section, be
liable or it has , in accordance with the provisions of section 12
of the Stamp Act 1891, been stamped with a particular stamp
denoting that it is not chargeable with any duty or that it is
duly stamped.

Part III (s.6) rep. by 1972 c.10 (NI) s.37(4) sch.10 Pt.I

S.7 rep. by SLR 1973. S.8, with Schedule, effects repeals

FINANCE ACT (NORTHERN IRELAND) 1962 - SECT 9
Short title and construction.

9.(1) This Act may be cited as the Finance Act (Northern Ireland)
1962.

Subs.(2)Estate Duty

(3) Part II shall be construed as one with the Stamp Act 1891.

Subs.(4) rep. by 1972 c.10 (NI) s.37(4) sch.10 Pt.I